Shipments of Australian coal that have been stranded in Chinese ports for months have finally been unloaded as China grapples with an energy crisis that has seen coal and gas prices surge to new peaks. A confluence of factors including the approaching winter months, the Chinese Communist Party’s (CCP) moves to reduce carbon emissions, COVID-19 restrictions,…
China Unloads Stranded Australian Coal to Address Energy Crisis as Prices Escalate Further
October 7, 2021
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Asia & PacificAustraliaAustralian coalBusiness & Economyccp economic coercionChinaChina-Australia RelationsEconomiesglobal energy crisisInternationalInternational Relationsjosh frydenbergLNGWorld
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Former Australian PM in Taiwan Wants to End Its International Isolation
October 7, 2021
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Asia & PacificAustraliaAustralia-TaiwanBusiness & EconomyChinaChina-Australia RelationsEconomiesInternationalInternational RelationsSpecial TopicsSubverting TaiwanTAIPEITaiwanTony AbbottTsai Ing-wenWorld
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Former Australian Prime Minister Tony Abbott has revealed that he is visiting Taiwan with the hopes of ending the island’s isolation on the international stage. The visit comes amid heightened tensions in the Taiwan Strait with Beijing and ongoing moves by democratic nations to bolster alliances against Chinese Communist Party (CCP) aggression in the region….
US Debt Limit Crisis Must Be Resolved ‘Immediately’ Treasury’s Yellen Says
WASHINGTON—U.S. Treasury Secretary Janet Yellen said the country’s debt limit needs to be raised by Congress “immediately” to avoid a financial crisis. Speaking with bank CEOs and President Joe Biden at the White House, Yellen warned the Treasury would have “very limited cash” that would be quickly depleted after Oct. 18. Congress needs to pay…
Soaring Energy Prices Climb Up EU’s Political Agenda
BRUSSELS—The European Union said on Wednesday it would examine the way its power market is run and consider proposals to revamp regulations within the bloc. European electricity and gas prices have rocketed this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic. Energy prices topped the EU’s…
EU Court Adviser Says Nord Stream 2 Can Challenge EU Rules
October 7, 2021
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Business & EconomycourtCourt of Justice of the European UnionEconomiesEuropeInternationalNord Stream 2World
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BERLIN—Swiss-based Nord Stream 2 AG is entitled to challenge EU gas rules, an adviser to the EU’s top court said on Wednesday, saying that the court should annul last year’s ruling against the pipeline operator. The finding, if confirmed by the Court of Justice of the European Union (CJEU), would give Nord Stream 2, a…
Labor and Supply Problems Dent Growth in Construction Sector in the UK
Subcontractors in the construction sector have been charging more, while supply shortages are pushing up the costs of materials for builders, an influential survey has found. The UK’s construction industry has seen growth slow, with output rising, but to the smallest extent in eight months. The IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) gave…
Auto Output Dives in Brazil, Mexico as Chip Shortages Bite
MEXICO CITY/SAO PAULO—Automotive production in Brazil and Mexico, Latin America’s two largest economies, plummeted in September, dragged down by an industry-wide semiconductor chip shortage and railroad blockades in Mexico, data showed on Wednesday. Brazilian auto production was down 21.3 percent to 173,287 units in September from the same month in 2020, when the industry was…
IKEA to Shift More Production to Turkey to Shorten Supply Chain
ISTANBUL—Sweden’s flat-pack furniture giant IKEA is planning to move more production to Turkey to minimize problems with global supply chains and increased shipping costs, the company’s chief financial officer for Turkey said. Products it expects to make and then export from Turkey, including armchairs, bookcases, wardrobes, and kitchen cabinets, are currently shipped thousands of miles…
Blinken Tells China to ‘Act Responsibly’ in Evergrande Crisis
October 6, 2021
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Antony BlinkenBusiness & EconomyChinaChina Business & EconomyEconomiesevergrandeMarketsreal estateUSUS NewsUS-China relations
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U.S. Secretary of State Antony Blinken on Oct. 6 urged China to “act responsibly” in handling the debt crisis of real estate developer China Evergrande Group, warning that impact of Beijing’s decisions will resound around the world. Evergrande, which has more than 1,300 housing projects in some 280 cities, is now the world’s most heavily…
Decline in Shift Work Casts Shadow on Upcoming Jobs Report
High-frequency workforce activity data from payroll tracking firm Ultimate Kronos Group (UKG) shows that September shift work declined for the second month in a row, casting a shadow over Friday’s closely-watched government report that will reveal how many jobs the U.S. economy created last month. UKG’s workforce activity report, released Oct. 5, showed that September…
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